But instead of expecting comments on that issue, traders will be looking for hints on the future of monetary policy, potential changes such as the unwinding of Fed’s massive $4.5 trillion balance sheet, a third rate hike later this year or ECB’s willingness to start reducing stimulus.

A recent report from Reuters said ECB Draghi won’t be speaking on direct changes to the current monetary policy configuration. Analysts pointed out the central bank will rather wait until Germany’s September elections are left behind and the political scene is stabilized.

On Wednesday, the yellow metal rose in the light of higher political uncertainty in the United States as President Donald Trump threatened to shut down the government in order to secure funding for its controversial wall at the US-Mexico border.

"If we have to close down our government, we're building that wall," said President Trump.

These strong remarks from the president could affect his ability to negotiate key campaign promises with Congress such as the long-awaited tax reform or the American Health Care Act.

OIL

Oil futures showed little change in early trading hours on Thursday as market players awaited US rig count figures in search for a stronger direction.

The US West Texas Intermediate crude futures traded 0.12 percent lower at $48.35 per barrel as of 06:50 GMT, while the London-based Brent contracts on the ICE Futures Exchange in London were up 0.02 percent to $52.58 a barrel.

Crude benchmarks settled in green territory on Wednesday, as the US Energy Information Administration reported an eight consecutive weekly decline in crude stockpiles.

The agency said crude reserves dropped by 3.3 million barrels in the week ended August 18, falling short from an initially forecasted 3.5 million barrels reduction.

Data also showed US shale oil production rising by 26,000 barrels per day last week to a two-year high of 9.528 million barrels.

As for gasoline supplies, we have seen a drop of 1.2 million barrels against an expected draw of 643,000 barrels, while distillate products rose 28,000 barrels.

The draw in gasoline stockpiles pushed oil prices as market players were concerned about low consumption even during the summer driving season, one of the busiest times in the year.

Baker Hughes is expected to release its weekly oil rig count as of 17:00 GMT on Friday.